How can I use the Section 179 Tax Deduction on Vetel Equipment?wp-admin
The Section 179 tax deduction is a significant way to save money at your veterinary practice. You can deduct the full purchase price of qualifying equipment purchased or financed during 2020.
Most Vetel Diagnostics equipment — including digital radiography systems, ultrasound systems, endoscopy, and digital dental systems — qualifies for this tax deduction, which allows you to write off up to $1,040,000 on assets costing up to $2,590,000.
The U.S. government wants to motivate veterinary practices to buy equipment. Want to know more about the specifics? Visit Section 179.org.
What to consider with your purchase:
- What does your practice need now and in the future?
- What will it cost the practice?
- What is your return on investment?
- How much will it depreciate over time?
- Can you use Sec 179 Tax Deduction?
It is also important to consider how new, more modern equipment can further your practice.
- Can you offer new services?
- Will you be able to learn a new skill?
- Can you offer more precise and efficient conclusions that will improve patient outcomes?
- Will it set your practice apart from competitors for using modern technology or offering the highest standard of care?
IMPORTANT DEADLINES for the Sec 179 Tax Deduction
You must begin using your new equipment by December 31, 2020 if you want to take the Section 179 tax deduction for the 2020 tax year. Do not wait until the end of the year to buy, as it takes time to order, ship, and set up new equipment in your practice by December 31.